Tech Data's price tag upped to $6bn after unnamed bidder enters the fray
Rival bid threatened to derail Apollo's takeover
Tech Data's acquisition by Apollo has been upped to $6bn after an unnamed firm made a late bid for the distributor.
Tech Data shareholders accepted a $5.4bn bid for the firm earlier this month, but it has been revealed that a second, more attractive bid was then received.
Apollo responded quickly, upping its bid to $6bn, which has now been accepted.
The new deal equates to $130 per share.
Tech Data said: "The Tech Data board of directors has unanimously approved the amendment and recommends that Tech Data shareholders vote in favour of the transaction."
The distributor said the rival bid came during a "go-shop" period, which was an agreement as part of Apollo's initial bid, inviting other parties to propose a takeover.
Tech Data reported a "solid" Q3 earlier this week, despite sales and profit declining. Net sales dipped by two per cent to $9.12bn.
CEO Rich Hume said: "We delivered solid third-quarter results while continuing to execute on our strategy and portfolio optimisation actions.
"In Q3, we also announced our intention to acquire DLT Solutions, a premier software and cloud solutions aggregator focused on the US public sector.
"This acquisition reflects our strategy of delivering higher value - strengthening our end-to-end portfolio and accelerating our capabilities in next-generation technologies."
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